XM vs IC Markets 2026 — Spreads, Fees, Regulation & Who Should Choose Which
Two of the most popular forex brokers in Asia and globally — but they serve very different types of traders. This comparison covers every key factor with honest conclusions, not marketing copy.
Founded 2009 · 15M+ clients
Founded 2007 · True ECN
Quick SummaryXM vs IC Markets — At a Glance
Full ComparisonXM vs IC Markets — Detailed Side-by-Side 2026
| Factor | XM Group | IC Markets |
|---|---|---|
| Founded | 2009 | 2007 |
| Minimum deposit | $5 (Micro/Standard/Ultra Low) | $200 |
| EUR/USD — Standard account | 1.6 pips, no commission | 0.8 pips avg, no commission |
| EUR/USD — Raw/Zero account | 0.0 pip + $7 round-turn commission | 0.0 pip + $6 round-turn commission |
| Gold (XAU/USD) spread | 0.38 pip avg (live tested) | 0.12 pip avg (raw) |
| Execution model | Market maker (hybrid) | True ECN/STP |
| Execution speed | Under 1 second (99.35%) | Under 40ms average |
| Inactivity fee | $10/month after 90 days | None |
| Deposit fee | $0 | $0 |
| Withdrawal fee | $0 (most methods) | $0 (most methods) |
| PayPal | No | Yes |
| Tier-1 regulators | 4 (CySEC, ASIC, DFSA, FSCA) | 2 (ASIC, CySEC) |
| Negative balance protection | Yes | Yes |
| Platforms | MT4, MT5, WebTrader | MT4, MT5, cTrader, TradingView |
| AI Assistant | Yes (Ask AI, Sept 2025) | No |
| Instruments | 1,429+ | 3,583+ |
| Forex pairs | 55+ | 61+ |
| Real stocks | Yes (US exchanges, FSC entity) | No |
| Crypto CFDs | Yes | Yes |
| Copy trading | Yes (built-in + MQL5) | Myfxbook AutoTrade, ZuluTrade |
| $30 no-deposit bonus | Yes (IFSC entity) | No |
| Deposit bonus | 50% + 20% | No |
| Loyalty program | Yes (XM Traders Club) | No |
| Free VPS | Yes ($500 balance / 5 lots) | Yes (high volume) |
| Education | Daily webinars, 30+ languages | Articles, videos, webinars |
| Customer support | 24/5, 30+ languages, <2 min response | 24/5, multiple languages |
| Scalping | Allowed | Allowed + optimised ECN for it |
| Expert Advisors (EA) | Yes (MT4/MT5) | Yes (MT4/MT5/cTrader) |
| Swap-free Islamic accounts | Yes (all account types) | Yes (on request) |
Spreads & CostsSpread Comparison — All-In Cost Analysis
The spread comparison is not as simple as "IC Markets is cheaper" — it depends heavily on account type and trading style.
💡 All-in cost comparison — the real picture
- XM Ultra Low vs IC Markets Standard: XM Ultra Low EUR/USD 0.6 pip (no commission) vs IC Markets Standard 0.8 pip (no commission) — XM Ultra Low wins on cost for commission-free accounts.
- XM Zero vs IC Markets Raw: Both offer 0.0 pip raw spreads. IC Markets commission is $6/lot round-turn vs XM Zero $7 round-turn — IC Markets is $1/lot cheaper on raw accounts.
- For Gold (XAU/USD): XM live-tested average 0.38 pip vs IC Markets raw ~0.12 pip + commission. IC Markets is cheaper for high-volume gold traders. XM is more predictable with no commission structure.
- The hidden cost for XM: $10/month inactivity fee after 90 days. IC Markets has no inactivity fee. For traders who take breaks, IC Markets saves money.
ExecutionExecution Model — Market Maker vs True ECN
XM — Market Maker (Hybrid)
XM operates as a market maker with an electronic dealing desk. This means XM takes the other side of your trade in most cases. XM claims 99.35% of orders execute in under 1 second with no requotes and no rejections. For most retail traders, this is perfectly adequate. Concerns about market maker conflicts of interest are valid in theory but rarely materialize with major regulated brokers like XM.
IC Markets — True ECN/STP
IC Markets routes orders directly to external liquidity providers (major banks and institutions) without a dealing desk. Average execution is under 40 milliseconds. This model is genuinely better for scalping, high-frequency trading, and algorithmic strategies where execution speed and no conflict of interest matter. For swing traders and position traders, the difference from XM's hybrid model is negligible in practice.
VerdictXM vs IC Markets — Who Should Choose Which
- Starting with less than $200 — XM accepts $5 minimum
- Want a $30 no-deposit bonus to start risk-free
- Value daily live education in your language
- Trade swing or position (execution model matters less)
- Based in Middle East (DFSA) or South Africa (FSCA)
- Want built-in copy trading without third-party setup
- Prefer simpler all-in spread pricing without commissions
- Scalping or high-frequency trading needing sub-40ms execution
- Running Expert Advisors that need true ECN environment
- Want cTrader platform (not available at XM)
- High-volume trader who benefits from tighter raw spreads
- Don't trade bonuses and want the cleanest cost structure
- Never go inactive — no inactivity fee is a meaningful benefit
- Access to 3,583+ instruments including more forex pairs
⚖️ Honest overall verdict
Neither broker is universally "better" — they serve different traders. XM wins on accessibility, bonuses, regulation breadth, education, and built-in copy trading. IC Markets wins on execution quality, raw spreads, platform diversity (cTrader), instruments, and no inactivity fee. For the majority of retail traders in Southeast Asia who are learning, growing their accounts, and value local-language support — XM is the stronger fit. For experienced traders who are serious about minimizing cost per trade and need ECN execution — IC Markets is worth the $200 entry barrier.
FAQFrequently Asked Questions — XM vs IC Markets
Best for: beginners, retail traders
Related: XM vs Exness · Is XM safe? · XM live spread data · XM account types · XM Zero account